I'd bet you could build a wc'ed version without the fancy paint job for probably $5k. Let me work on it.
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OK, so $4600, no pricematching done, without Vista, or mouse and keyboard. And a CPU WC loop could be done for about $300. That's a little cheaper than the $8700 in the article. I went with 3x GTX275 SCs, because that would be about equal to the 280's.